The co-founder of MoviePass, Hamet Watt, is moving beyond the company’s notable collapse to launch a new venture studio aimed at developing and funding startups. Watt, who co-founded MoviePass in 2011 on the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, recently spoke to Business Insider about his new initiative, Share Ventures.
The new firm has already attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt highlighted that the focus of Share Ventures will be on startups that cater to the future of work and the longevity sectors.
Watt believes that the ongoing AI revolution, coupled with high interest rates, has created a favorable environment for a distinct venture capital model. To adapt, Share Ventures plans to develop its own software and complex language models to streamline internal operations. Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing that this approach is advantageous for creating companies from the ground up while utilizing advanced tools.
He pointed out that, while many venture firms are investing in emerging technologies, they often fail to fully integrate and utilize these innovations in their operations.
Watt’s personal background has driven his interest in health and longevity, particularly after losing his mother at the age of 25. He reflected on how this loss made him more aware of his own mortality.
Despite his previous struggles with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” he remains motivated to push the boundaries of innovation, exploring what he has learned and the potential for future success.